Nov 27, 2012 2:30pm PST
charged off the fiscal cliff? >> welcome back. >> greece has been thrown another lifeline, as we heard earlier. but the eurozone crisis is continuing to cause economic contraction. revenue figures show that europe pose a growing debt levels are said to present more threats in the years to come, even to vibrant economies, like germany's. >> germany's labor market has weathered the euro debt crisis relatively well across all sectors, but a new report by the organization for economic cooperation and development says the unemployment rate in the country will rise slightly next year by 0.2%. and that is not all. the oecd says germany's gdp will grow by just 0.6% in 2013, which is much less than economists were predicting a few months ago, but it is more than france can hope for. and the crisis-hit countries are expected to fare even worse -- spain's gdp is expected to shrink by 1.4%. portugal's by 1.8%. greece's by a massive 4.5%. the report predicts the gdp of the eurozone as a whole will shrink by 4%, but it says germany is unlikely to fall into recession thanks to robust demand on the do
Nov 21, 2012 6:00am PST
of the year. that's to avoid a fiscal cliff which may result in a significant reduction in defense spending. the fiscal cliff is a term used to illustrate drastic fiscal tightening if congress fails to reach an agreement by year's end. such a situation is feared to trigger a plunge in the economy. panetta warned that defense spending will be subject to drastic cuts if lawmakers failed to reach a consensus. >> the worst thing that could happen from my perspective is that they just kick the can down the road. all that would wind up doing is continuing to present a shadow over the defense department and for that matter, the rest of government. >> the defense department is already planning to reduce its budget by about $500 billion over the coming ten years. panetta has voiced concern that further cuts could undermine barack obama's new defense strategy that lays more emphasis on the asia pacific region. >>> japanese officials are scratching their heads about how to deal with sluggish trade. sales to foreign countries have plunged leaving japan in a trade deficit for the fourth straight month.